Hearts owner given poor credit report

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Reports in media suggested that Lithuanian Ukio Bank, in which the Premier League club owner Vladimir Romanov is a major shareholder, has "very modest" financial strength. Romanov's plan to invest in the club has now been undermined by a report on the financial standing of Ukio Bank, which he is using to bankroll his ambitions.

The Scotsman newspaper quotes Moody's credit rating agency as saying that Ukio has "very modest" financial strength, offers "questionable-to-poor credit quality" and may need to be propped up by another institution. The report raises questions about Romanov's ability to substantially pay for the club’s expansion and threatens his ambitions to join Edinburgh's financial community. If Romanov finds himself unwelcome in Edinburgh, he might decide to sell his stake in the club, or to sell the Tynecastle site to developers.

However, Ukio Bank revealed that it would open an office in the UK and hopes to act as a financial bridge between the UK and Eastern Europe.